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What is a CLIP?
It is an acronym for Contractual Liability Insurance Policy.
What is definition of sunset clause in liability insurance policy?
A sunset clause is a provision in a liability policy which states that the insurer will respond only to losses reported before some predetermined future date (sunset), usually a set period after the expiration of the policy.
What is the uninsured motorist clause about in the US?
The clause in a policy of insurance on a motorcycle, provides that if the owner of the motorcycle is injured by a negligent driver of another vehicle who doesn't have liability or insurance, then the insurance company will pay its insured's damages.
Explain homeowners personal liability?
A personal liability, or umbrella, policy pays liability limits above those you can get on your homeowners or other basic liability policy. If you are thinking of buying a personal liability policy, begin by finding out the maximum amount of personal liability your homeowners policy provides. Make sure you coordinate the liability limits so that the umbrella policy covers any liability claim in excess of the amount your basic policy will pay, up to the maximum limits of the policy.
What is a manifestation clause as it pertains to a general liability insurance policy?
A mOn anifestation clause on a full occurence policy completely changes and limits an insured's policy. Most insureds with a manifestation clause on their policy either do not know they have one, don't know what it is, or are looking for a cheaper policy not a quality policy. a normal full occurence policy as long as the work was done during the insured's policy period a claim has up to 10 years to manifest itself and for claim to be filed. However when a manifestation clause is placed on a policy it limits this to the claim must manifest itself with the insured's policy period. If the claim manifests itself after the policy period the claim will not be covered. It basically turns a policy into a claims made policy except they can say its an occurence policy and they usually leave out the fact it has a manifestation clause. Example: Full occurence policy without manifestation clause- June of 2007 a plumber fixes a pipe in a residence. August 2007 their general liability policy expires. Sept 2007 the pipe leaks due to being welded wrong the home owner files claim against the plumbers insurance company and becaue they were covered when the work was done in June claim is paid out. Policy with a manifestation clause- June of 2007 a plumber fixes pipe in residence. August their general liability policy expires. Sept 2007 the pipe leaks due to being welded wrong the home owner files claim against the plumbers insurance company and it is denied because of insured's *manifestation clause*. Although the work was done in June and the plumber had coverage at that time, the cause of claim did not manifest itself until Sept and their policy expired in August. If the pipe had leaked in August they "may* have paid claim. ***This is risky coverage! Think about if you did a job 1 day prior to the policy expiring. -Insurance Underwriter
What is the Definition of difference in condition clause?
A difference in condition clause is a provision of a D&O Liability Insurance Contract, which serves as patch for the gaps in coverage of liability of directors and officers of a company. Normally, a company has contractual or statutory obligations to indemnify for damages incurred by any third party as a result of conduct of its directors or officers, but in some circumstances it may refuse to acknowledge their responsibility for particular actions or just be financially unable to comply with its indemnity obligations. It could also happen that the liability described above is covered by another policy, contracted by the company, but the isurer fails to pay for whaterver reason or the coverage proves insufficient. In that case the company's insurer will be subrogated to payment that would cover such gap, provided that a difference in condition clause, also referred to as DIC is included in the D&O Liability Insurance Contract between the company and the insurer.
What are the foundations of contractual liability?
Contractual liability is defined as liability that does not arise by way of negligence, but by assumption under contract or agreement. Although it is frequently misunderstood, this type of liability is critical in the insurance and risk management industries. It is common in business agreements (written or oral), for one party to assume the liability of another. This is sometimes referred to as a hold harmless agreement. The full extent to which one holds another harmless varies from project to project, contract to contract, job to job and so on. To assume liability of another is risky and increases your exposure to loss. That is why insurance is required. Contractual liability insurance is usually provided with commercial liability insurance - but you should always ask your agent to make sure. There will also be some exceptions and limitations, so again ask your agent and thoroughly read through your policy so that you know what is and what is not covered. Outside of insurance, contractual liability has a broad meaning - it's basically a promise that may be upheld in court. For example, say you agree to build someone a deck for $600 and collect $300 as a retainer prior to starting the job. In the meantime, a higher paying project comes along and you never show up to put on the deck. The other party can take you to court and collect the original $300 that they paid you. You were in breach of contract and therefore they had a justified contractual liability claim.
Components to liability coverage under an auto policy?
Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Liability Coverage under an auto policy has what components:
Is A property or liability insurance policy a business or liability contract?
A property is not a contract or a business. A liability insurance policy is a kind of contract but not a business. the answer is b...
Are defense expenses paid in a contractors professional liability policy?
A Professional liability insurance Policy, as well as a contractors General Liability Insurance policy will provide coverage for the cost of legal defense.
Does a commercial general liability policy also provide excess vehicular liability coverage beyond the coverage in the driver's separate mva policy?
No. A commercial liability policy specifically excludes liability arising out of the ownership, maintenance or use of a motor vehicle.
Where do you find in your policy if you have this clause?
do all bcbs policys have a subrogation clause
